ADX grants Al Ramz licence to practice market making

Dubai: Abu Dhabi Securities Exchange (ADX) said it has granted Al Ramz Capital license to practice market making activity in the Exchange.

This will make Al Ramz Capital the first company to be directly licensed by ADX to act as a market maker, and the second company practicing this function in ADX after National Bank of Abu Dhabi (NBAD) who started their market making activities in ADX in 2015, the bourse said in a statement.

“Granting the market maker license to Al Ramz Capital will contribute to the flexibility of trading in ADX. It will also reflect ADX’s success in increasing the attractiveness and competitiveness of the Exchange through diversifying its products” said Ganim Al Daheri, Deputy Chief Executive of ADX in a statement.

Al Daheri highlighted the remarkable cooperation between ADX and the Securities and Commodities Authority (SCA) that led to transferring some licensing authorities to ADX, including the market maker, margin trading, and public disclosures.

Meanwhile, Mohammad Al Murtada Al Dandanshi, the Managing Director of Al Ramz Capital said that “the market maker services will add to the company’s business diversity as per the company’s strategy.”

The companies that were approved to be included in trades are FGB and etisalat — while expecting further companies to join the market maker trades in the near future.